Over the ten-year period from FY2016/17 to FY2025/26, realised revenue and collections grew at cumulative annual growth rates (CAGR) of 18.6% and 11.9% respectively, while costs grew by only 13.2 %. That income has consistently outpaced cost growth is unmistakable evidence of the Fund's operating leverage and sustained cost discipline each year. As the investment portfolio compounds, this trend strengthens the Fund's long-term self-sufficiency and its capacity to deliver real, inflation-beating returns to members in line with Vision 2035.
The Fund's overall operating expenditure closed at UGX 277.0Bn (FY2024/25: UGX 230.4Bn) against an approved budget of UGX 285.69Bn. This represents an overall budget utilisation of 97.0%, generating a saving of UGX 8.69Bn. This saving is a direct result of prudent cost control and delayed execution of specific projects.
Cost efficiency remains central to the Fund's value proposition for members with every shilling in operations preserved for member returns. The annual cost-to-income ratio improved slightly to 7.81% in FY2025/26, from 7.97% in FY2024/25. This was driven by a UGX 2.45Tn gain on investment assets and a forex gain of UGX 173 Bn. The expense ratio also improved, reducing to 0.84% in FY2025/26 from 0.89% in FY2024/25.
This was shaped by the Fund’s continuous strides towards achieving Vision 2035, driven by initiatives to improve sustainable return and benefits to members through the Fund’s expanded mandate, increased strategic partnerships and engagement, processes to boost internal capacity and innovative solutions to improve efficiencies in the delivery of services to our members.
